CBI registers FIR against Anil Ambani, Reliance Capital in ₹2,684 crore LIC fraud
Synopsis
The CBI has registered an FIR against Anil Ambani and Reliance Capital over an alleged ₹2,684.57 crore fraud on LIC — the ninth action linked to ADA Group entities, with six prior charge-sheets already filed and existing cases monitored by the Supreme Court. Ambani has denied all wrongdoing, but investigators are now tracing six years of NCD fund flows.
Key Takeaways
The CBI registered an FIR on 18 September 2026 against Anil D.
Ambani , Reliance Capital Ltd (RCAP) , Satish Seth , and others over an alleged fraud of ₹2,684.57 crore involving LIC .
LIC invested ₹3,900 crore in five NCDs issued by RCAP between 12 April 2012 and 9 March 2018 ; the alleged wrongful loss amounts to ₹2,684.57 crore .
The CBI has previously filed eight FIRs against various ADA Group entities, including six charge-sheets and seven arrests .
Existing cases against ADA Group entities are being monitored by the Supreme Court .
Anil Ambani denied any wrongdoing through a spokesperson, noting his non-executive role and the RBI's supersession of RCAP's board in November 2021 .
The Central Bureau of Investigation (CBI) has registered a First Information Report (FIR) against Anil D. Ambani, former chairman of Reliance Capital Limited (RCAP), Satish Seth, Group Managing Director of the Reliance Anil Dhirubhai Ambani (ADA) Group, and others in an alleged fraud of ₹2,684.57 crore involving the Life Insurance Corporation of India (LIC). The CBI confirmed the development on Friday, 18 September 2026, in an official statement, adding that the case was registered on the basis of a written complaint from LIC.
What LIC Alleged
According to the complaint, between 12 April 2012 and 9 March 2018, LIC subscribed to five non-convertible debentures (NCDs) issued by RCAP, aggregating to ₹3,900 crore, purportedly for general corporate purposes, funding requirements, and refinancing of existing debt. LIC alleged that the accused persons entered into a criminal conspiracy and committed offences including cheating, criminal breach of trust, criminal misconduct, and falsification of accounts.
The insurer further alleged that LIC was dishonestly induced to invest in RCAP through misrepresentation, and that the funds were subsequently diverted fraudulently — causing a wrongful loss of ₹2,684.57 crore to LIC and a corresponding wrongful gain to the accused and other beneficiaries.
Scope of Investigation
The CBI has stated that the investigation has been taken up to identify the role of all persons involved, including unknown public servants and private individuals. Specifically, investigators are examining the alleged criminal conspiracy and tracing the end-use and diversion of the invested funds. The agency has not named any public servants at this stage.
A Pattern of Cases Against Reliance Group Entities
This is not the first CBI action against entities linked to the ADA Group. The bureau has previously registered eight FIRs against Reliance Communications Ltd (RCom), Reliance Capital Ltd (RCAP), Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), and Reliance Telecom Ltd (RTL), based on complaints from public sector banks including the State Bank of India (SBI), the Employees' Provident Fund Organisation (EPFO), and LIC. In those cases, the CBI has so far filed six charge-sheets and arrested seven persons. Those cases remain under active investigation and are being monitored by the Supreme Court.
Ambani's Response
A spokesperson for Anil D. Ambani issued a statement saying: 'The FIR registered by the CBI pertains to Reliance Capital Limited. Mr Ambani served as a Non-Executive Director/Chairman of the Board of Reliance Capital Limited from 2005 until November 2021, when the Reserve Bank of India superseded the Board of Directors of the company and appointed an Administrator. Mr Ambani denies any wrongdoing whatsoever, and reserves all rights available to him in law.'
The spokesperson's remarks draw attention to the Reserve Bank of India's (RBI) supersession of RCAP's board in November 2021 — a move that preceded the company's insolvency proceedings. Ambani's defence appears to hinge on his non-executive role and the RBI's own intervention, which effectively removed him from control of the company before the current complaint was formalised.
What Comes Next
With a fresh FIR now on record, investigators are expected to examine financial trails, call records, and internal communications linked to the five NCD issuances. Given that previous ADA Group cases are being monitored by the Supreme Court, this new case could draw similar judicial oversight. The breadth of the alleged conspiracy — spanning six years of NCD transactions and multiple corporate entities — signals a prolonged investigation ahead.
Point of View
Not an isolated complaint. What is notable this time is the complainant — LIC, India's largest institutional investor — whose exposure across multiple Reliance group NCDs raises broader questions about due diligence in public-sector investment mandates. Ambani's defence — that he was a non-executive chairman and that the RBI itself superseded the board — is legally meaningful but does not address the core allegation that misrepresentation was made to induce the original investment. With Supreme Court oversight already in place on related cases, pressure on investigators to move quickly toward a charge-sheet will be considerable.
NationPress
18 Sept 2026
Frequently Asked Questions
What is the CBI case against Anil Ambani and Reliance Capital about?
The CBI has registered an FIR alleging that Anil Ambani, Reliance Capital Ltd, and others defrauded LIC of ₹2,684.57 crore by inducing the insurer to invest ₹3,900 crore in five non-convertible debentures and then allegedly diverting those funds. The alleged offences include cheating, criminal breach of trust, and falsification of accounts.
When did the alleged fraud take place?
According to LIC's complaint, the fraudulent activity occurred between 12 April 2012 and 9 March 2018, during which LIC subscribed to five NCDs issued by Reliance Capital for general corporate and refinancing purposes.
How many CBI cases exist against ADA Group entities so far?
Including this latest FIR, the CBI has registered nine cases against various ADA Group companies — Reliance Capital, Reliance Communications, Reliance Home Finance, Reliance Commercial Finance, and Reliance Telecom — based on complaints from SBI, EPFO, and LIC. Six charge-sheets have been filed and seven persons arrested in earlier cases.
What has Anil Ambani said in response to the FIR?
A spokesperson for Anil Ambani stated that he served as a Non-Executive Director/Chairman of Reliance Capital from 2005 until November 2021, when the RBI superseded the board and appointed an Administrator. The spokesperson added that Ambani 'denies any wrongdoing whatsoever, and reserves all rights available to him in law.'
Are these CBI cases being monitored by any court?
Yes. The Supreme Court is monitoring the earlier eight FIRs against ADA Group entities. Given the overlap of accused and subject matter, the latest case is expected to attract similar judicial scrutiny.
